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The Reno Cafe's August and September 20X1 condensed income statements are as follows. Required: Using the condensed income statements for August and September of the Reno Cafe, prepare comparative condensed income statements.  Show both dollar and percentage differences.       August September Food Sales $45,000 $48,000 Beverage Sales 40,000 42,000 Total Sales 85,000 90,000       Cost of Food Sales 15,300 15,840 Cost of Beverage Sales 8,000 9,240 Labor 25,500 28,800 Laundry 4,000 4,200 China, Glass, Silver 1,000 1,100 Other 16,000 15,500       Income before Income Taxes 15,200 15,320 Income Taxes 2,280 2,298 Net Income $19,920 $13,022

The Reno Cafe's August and September 20X1 condensed income statements are as follows. Required: Using the condensed income statements for August and September of the Reno Cafe, prepare comparative condensed income statements.  Show both dollar and percentage differences.       August September Food Sales $45,000 $48,000 Beverage Sales 40,000 42,000 Total Sales 85,000 90,000       Cost of Food Sales 15,300 15,840 Cost of Beverage Sales 8,000 9,240 Labor 25,500 28,800 Laundry 4,000 4,200 China, Glass, Silver 1,000 1,100 Other 16,000 15,500       Income before Income Taxes 15,200 15,320 Income Taxes 2,280 2,298 Net Income $19,920 $13,022

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Reno Cafe's August and September 20X1 condensed income statements are as follows.

Required:

Using the condensed income statements for August and September of the Reno Cafe, prepare comparative

condensed income statements.  Show both dollar and percentage differences.

 

 

  August September
Food Sales $45,000 $48,000
Beverage Sales 40,000 42,000
Total Sales 85,000 90,000
     

Cost of Food Sales

 15,300 15,840
Cost of Beverage Sales 8,000 9,240
Labor 25,500 28,800
Laundry 4,000 4,200
China, Glass, Silver 1,000 1,100
Other 16,000 15,500
     
Income before Income Taxes 15,200 15,320
Income Taxes 2,280 2,298
Net Income $19,920 $13,022
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